Press Release.

Joint press release of the owners of Landesbank Baden-Württemberg (LBBW).

"The contract of Dr Siegfried Jaschinski, Chairman of LBBW’s Board of Managing Directors, will expire at the end of this year and will not be renewed. Mr Hans-Jörg Vetter, currently Chairman of the Board of Managing Directors of Landesbank Berlin, will succeed him," said Prime Minister Günther H. Oettinger, who is also Chairman of the owners’ meeting of LBBW held in Stuttgart on Friday (8 May 2009). The owners had thus shown the bank’s ability to act by a swift and responsible decision on the future management structure.

He thanked Dr Jaschinski for his work as Chairman of the bank’s Board of Managing Directors since January 2005. "Despite the currently difficult situation in the financial markets, which also affects LBBW, it must not be forgotten that Dr Jaschinski has made a major contribution to converting LBBW to a successful Landesbank with a solid and viable business model." The integration of the Landesbanks of Saxony and Rheinland-Pfalz took also place under his management.

With Hans-Jörg Vetter, it was possible to find a convincing successor with roots in Baden-Württemberg and vast experience both in the public and private bank sectors. "The owners are convinced that, under the management of Mr Vetter, LBBW will remain an important partner for the companies in the state of Baden-Württemberg. This is more important than ever, precisely in the currently difficult economic environment”, said Oettinger. It is envisaged to carry out the change in the short run. An appointment for the statutory period of 5 years is planned.